Losing sleep over money? You’re not alone. A recent poll [1], conducted in April 2017 by Princeton Survey Research Associates International and released by CreditCards.com, reports that 65% of Americans are losing sleep because of money.
The most common money-related worry, expressed by 38% of Americans, is healthcare or insurance bills, putting this concern at the top of the list for the first time since the Great Recession. Another 37% report that worrying about saving for retirement keeps them from getting a good night’s rest, and 34% are worried about educational expenses. Mortgage and rent bills bother 26% of Americans, and 22% worry about credit card debt.
Healthcare and insurance costs have spiked by nine percentage points just over the past year, hitting Gen Xers harder than Millennials who are more concerned about education, housing, and credit card debt. These issues in particular cause 73% of Gen Xers, 71% of millennials, 59% of Baby Boomers, and 48% of the Silent Generation to lose sleep.
“People lose sleep when things feel out of control,” said Matt Schultz, CreditCards.com’s senior industry analyst. “Take back some of that control by taking action. Even small moves like making a budget, selling something of value or trimming expenses can make you feel empowered and help you sleep more peacefully at night.”
In that respect, 82% of the respondents said that they have taken at least one step to improve their financial situation over the past year by either reducing expenses, selling something, signing up for a new credit card and taking on a second job, respectively.
The topic of sleep and finance are not new to Global Benefits Vision; we have written in prior issues about how sleep deprivation affects the economy [2] as well as how to maximize your health through improved sleep. [3]
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